Choosing a home to buy is a big decision. It's also one that you may not have a lot of time to make. Inventory is still low in most markets across the country and that means homes for sale sell quickly – especially good ones. These days, interested buyers have to act fast if they see something they like. But how fast?
Well, how long a home spends on the market depends a lot on where it's located. In some parts of the country, homes are selling faster than others. A recent analysis looked at the top 100 most populated metro areas and ranked them by how quickly homes sold during the first quarter of this year. What it found was homes are selling fastest in the Northeast and Midwest and slowest in the South.
Hartford, Connecticut had the fastest market, with a median of seven days spent on the market. The slowest selling markets were Austin and McAllen, Texas. Overall, though, time on market is increasing. In fact, the analysis found that, out of the top 100 metros, 95 saw the median days on market increase during the first quarter.
[Source: MortgagePoint]
